On January 14, 2021, RedHill Education Limited noted that UCW Limited proposes to respond in due course to the target’s statement to allow the Company’s shareholders to have accurate information on which to assess UCW's offer. The Company stated that as part of UCW's proposed response, the Company hopes that UCW will remedy information deficiencies in UCW's bidder’s statement dated on December 29, 2020 so that the Company shareholders are properly informed about UCW's offer. The Company stated that these disclosure deficiencies have been outlined in section 3 of the target’s statement and include: unsubstantiated statements on the pre-tax cost synergies of acquiring the Company, failure to disclose the specific risks of owning UCW shares; inclusion of a defeating condition which is based on UCW's subjective opinion; and failure to attach the full terms of UCW's pre-bid acceptance agreements with Perpetual Limited and Viburnum Funds, which is an unambiguous breach of the corporations act and ASIC policy.